PARC CONDOMINIUM ASSOCIATION MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS OF PARC CONDOMINIUM ASSOCIATION, INC. HELD ON AUGUST 28, 2008 IN THE PARC IV GARDEN ROOM. 3614 MONTROSE BOULEVARD. HOUSTON, TEXAS 77006 PRESENT: Daniel Tighe, President Jose Fernandez, Vice President Ann Miller, Secretary Tim Frederick Rob Yannaccone 10 Homeowners Frank Cario, General Manager, Parc Condominium Association ‘Tanzee Daily, representing Association Management, Inc. Derrick Dudley, representing Association Management, Inc. CALL TO ORDER: Due notice of the meeting having been given and a quorum being present, the meeting was called to order. Daniel Tighe presided and Derrick Dudley assisted in recording the minutes. ADOPTION OF AGEND: ‘The agenda was adopted as presented. Daniel Tighe announced that an Executive Session would be held to discuss delinquent accounts receivable. APPROVAL OF THE MINUTE! ‘The minutes of the Board Meeting held on July 31, 2008 were reviewed, and on a motion duly made and seconded were approved as presented. EINANCE COMMITTEE: Don Poole reviewed the financial report for the month ending July 31, 2008. He noted that the balance in the Operating Account was $8,382.10 and the balance in the Replacement Reserve Account was $533,300.62. Mr. Poole also reviewed the statement of income and expenses. After discussion, the July 31, 2008 financial statements were accepted. COMMITTEE REPORTS: Conservation No report. Reserve Study Tanzee Daily advised that AMI is preparing a revised replacement reserve spreadsheet and request a status report from David Regenbaum. Capital Improvements - Sprinkler/Plumbing Jose Fernandez reported that proposals were received for Phase 1 of the sprinkler system. The Firewater proposal of $32,475 covers all work as well as permits. An additional $125,000 would be needed to complete Phase I before the 2009 deadline. After discussion and on a motion duly made and seconded, proposal from Firewater was approved.Web Committee Rob Yannaccone reported that he had reviewed the AMI demo web sites and will forward them to the Board for review. Interiors Committee Russell Duesterhoft reported that preliminary expenses and architectural fees for the project would be given to the Finance Committee prior to the next Board meeting. Community Action ‘Ann Miller recommended that the Board and Owners become involved in requesting traffic studies concerning future development in the area. She also announced that Daniel Tighe had been appointed to the Montrose Boulevard Conservancy Committee. Architectural Review No report. Window Replacement Committee Jose Fernandez reported that preliminary window specifications had been received and are being reviewed. The current sliding doors have a weak point at the top of the frame due to the design, so additional options are being considered. GENERAL MANAGER'S REPORT: Frank Cario reported on the following: Asbestos Abatement The work will take place the week of September 8th and a detailed scope of the work has been distributed to Parc IV Residents who are affected. Texas Drain Technologies plans to map the pipes the third week of September with the relining work scheduled to begin a few weeks later. ‘Owners will be notified prior to the work beginning. The target completion date is January 2009 with Pare V to follow. Pare TV Residents — Shower Valve Choices Pare TV Residenis need to begin choosing the type of new shower valve they want installed in their bathrooms. A display of options is located in the Pare IV Party Room and the signup sheet is in the Pare TV management office. Owner/Resident and Unit Key Information Forms 75 completed Owner/Resident and Unit Key information forms have been received. Annual Bicycle Room Cleanup ‘The annual bicycle room cleanup has been done and a list of bicycles without Owner identification is available in both management offices. Owners should stop by cither ‘management office to claim their bicycle or advise that they have tagged theirs with proper identification. Bicycles not claimed by Monday, September 8th will be removed. Save the Date - Flu Shots Flu shots are scheduled for Monday, October 6, 2008 between 5:00 p.m. and 7:00 p.m. Monitoring System ISSC was on site to review the present camera system and recommend enhancements. Once the recommendations are received they will be forwarded to the Board for review.MANAGING AGENT'S REPORT ‘Tanzee Daily announced that AMI had realigned the high rise portfolio and that Derrick Dudley had been assigned as the Pares community manager. ‘The Board expressed their appreciation for Tanzee’s work and welcomed Derrick. LE ALE CONSIDERATION: On a motion duly made and seconded it was agreed that the Association decline to exercise its right of first refusal with regard to the following: Lease of Unit 1003 Pare V Sale of Unit 801 Parc IV ADDITIONAL BUSINESS: Daniel Tighe announced that Eric Harssema had resigned from the Board due to time constraints and that the Board would appoint a replacement in the near future. CHEDULING OF NEXT BOARD MEET! ‘The next meeting of the Board of Directors is scheduled for September 25, 2008 at 6:00 p.m. in the Pare IV Garden Room. ADJOURNMENT: There being no further business to discuss, the mesting recessed into Executive Session to discuss delinquent accounts receivable. Respectfully Submitted: Recording Secretary Approved as Correct (2- FE alzeleP Chairman Date